Egypt set to launch investment, trade policy vision for 2024-2030

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Minister of Investment and Foreign Trade, Hassan El-Khatib, stated that the ministry was preparing a new vision for investment and trade policies for the next decade. This vision will include several determinants, such as the announcement of an investment and trade policy document for Egypt over the next ten years.

The government’s vision and related policies—whether monetary, financial, or trade—aim to restore the confidence of local and foreign investors in governmental policies regarding investment and production, enhance the role of the private sector in industry and production, and improve their ability to anticipate these policies.

El-Khatib explained that the vision prioritizes manufacturing for export purposes, particularly focusing on adding value to Egyptian exports. It will consider the relative advantages and competitiveness of national industries, adopt strategies to diversify the economy away from traditional sectors and emphasize that the Egyptian economy is a free market, with the private sector as the core driver and engine of development.

The minister confirmed that the Egyptian government has made significant progress in implementing a comprehensive economic reform plan. This plan involved an economic roadmap with urgent steps and necessary structural reforms, which have helped restore Egypt’s position on the global economic map and improved the country’s credit rating by international rating agencies.

He added that the measures taken by the Egyptian government to create a favorable investment climate have made Egypt one of the most important investment destinations both regionally and internationally. These measures have also led to positive economic indicators, including a reduction in the budget deficit, an increase in GDP, a decrease in unemployment, an improvement in the trade balance, and a record rise in Egypt’s central bank reserves.

He added that, in line with the ministry’s commitment to improving the services provided to the export and import community, the General Organization for Export and Import Control (GOEIC) worked on facilitating trade and removing obstacles for Egyptian exporters. This was achieved by adhering to the latest international systems and rules in inspection and clearance procedures for exported and imported shipments, which helps ease external trade between Egypt and various global markets.

Chairperson of GOEIC, Essam El-Naggar, stated that the organization had established carbon certification units and specialized laboratories for analyzing carbon footprints and measuring the biodegradability of exported and imported products. This effort is part of the authority’s aim to align with global trends and new climate protection measures and to implement a green economy framework that supports sustainable economic development in the country.